CIB Consolidated Interim Condensed June Statements

Notes

Jun. 30, 2020

Dec. 31, 2019

EGP Thousands

EGP Thousands

Assets

Cash and balances with central bank

7

 31,267,392

28,273,962

Due from banks

8

 56,949,232

28,353,366

Loans and advances to banks, net

10

 883,248

625,264

Loans and advances to customers, net

11

 120,030,212

119,321,103

Derivative financial instruments

 315,916

216,383

Investments

- Financial Assets at Fair value through P&L

12

 357,304

418,781

- Financial Assets at Fair value through OCI

12

 85,100,258

89,897,257

- Amortized cost

12

 92,972,929

107,225,613

- Investments in associates

13

 99,837

107,693

Other assets

 9,009,198

9,748,143

Goodwill

22

 243,046

-

Deferred tax assets (Liabilities)

 457,940

350,339

Property, plant and equipment

14

 2,363,886

2,204,464

Total assets

 400,050,398

386,742,368

Liabilities and equity

Liabilities

Due to banks

15

 12,277,482

11,810,607

Due to customers

16

 320,146,441

304,448,455

Derivative financial instruments

 340,652

282,588

Current tax liabilities

 2,652,208

4,639,364

Other liabilities

 5,450,289

8,396,794

Other loans

 3,250,254

3,272,746

Provisions

17

 3,069,002

2,011,369

Total liabilities

 347,186,328

334,861,923

Equity

Issued and paid up capital

 14,690,821

 14,690,821

Reserves

 31,328,841

 24,344,815

Reserve for employee stock ownership plan (ESOP)

 1,260,111

 963,152

Retained earnings *

 5,131,049

 11,881,657

Total equity

 52,410,822

 51,880,445

Minority interest

453,248

 -

Total minority interest, equity and net profit for the period/year

 52,864,070

 51,880,445

Total liabilities and equity

400,050,398

 386,742,368

The accompanying notes are an integral part of these financial statements.

(Review report attached)

*Including net profit for the current period

Hisham Ezz Al-Arab

Chairman and Managing Director

Consolidated condensed Interim income statement for the period ended June 30, 2020

Condensed Consolidated Interim Cash flows for the period ended June 30, 2020

Notes

Jun. 30, 2020

Jun. 30, 2019

EGP Thousands

EGP Thousands

Cash flow from operating activities

Profit before income tax from continued operations

7,542,412

7,395,936

Adjustments to reconcile net profit to net cash provided by operating activities

Fixed assets depreciation

14

383,782

275,052

Impairment charge for credit losses (Loans and advances to customers and banks)

2,144,988

875,635

Other provisions charges

17

1,098,888

3,140

Impairment charge for credit losses (due from banks)

24,154

29,156

Impairment charge for credit losses (financial investments)

90,512

(109,667)

Impairment charge for other assets

24,621

52,772

Exchange revaluation differences for financial assets at fair value through OCI

(84,884)

886,795

Goodwill amortization

8,381

-

Intangible assets amortization

-

65,104

Impairment charge financial assets at fair value through OCI

-

45,664

Exchange differences in financial investments in subsidiary

-

3,020

Utilization of other provisions

17

(1,066)

1,878

Other provisions no longer used

17

(43,200)

(126,575)

Exchange differences of other provisions

17

3,011

(69,724)

Profits from selling property, plant and equipment

(94)

(1,439)

(Profits) losses from selling financial investments

12

(924,720)

(65,445)

Released (Impairment) charges of investments in associates and subsidiaries

0

14,100

-

Shares based payments

296,959

247,998

Bank's share in the profits of associates

(6,994)

1,101

Released (Impairment) charges of FVOCI equity instruments

78,615

-

Operating profits before changes in operating assets and liabilities

10,649,465

9,510,401

Net decrease (increase) in assets and liabilities

Due from banks

8

(598,148)

(25,049,337)

Treasury bills and other governmental notes

280,433

24,315,394

Financial assets at fair value through P&L

12

61,477

2,262,513

Derivative financial instruments

(41,469)

(75,592)

Loans and advances to banks and customers

10 - 11

(3,109,801)

(4,776,117)

Other assets

907,956

1,289,326

Due to banks

15

466,875

(5,879,606)

Due to customers

16

15,697,986

20,265,649

Income tax obligations paid

(4,639,364)

(3,625,579)

Other liabilities

(2,946,225)

(1,225,572)

Net cash provided from operating activities

16,729,185

17,011,480

Cash flow from investing activities

Proceeds from Investments in associates.

750

-

Proceeds (payments) for investment in subsidiaries.

194,722

-

Payment for purchases of property, plant, equipment and branches constructions

(739,117)

(840,953)

Proceeds from selling property, plant and equipment

94

1,439

Proceeds from redemption of financial assets at amortized cost

59,360,102

33,290,053

Payment for purchases of financial assets at amortized cost

(44,945,839)

(32,633,462)

Payment for purchases of financial assets at fair value through OCI

(50,868,698)

(11,433,512)

Proceeds from selling financial assets at fair value through OCI

55,237,128

5,105,870

Net cash used in investing activities

18,239,142

(6,510,565)

Cash flow from financing activities

Increase (decrease) in long term loans

(22,492)

(230,801)

Dividend paid

(3,370,464)

(2,700,544)

Net cash used in (provided from) financing activities

(3,392,956)

(2,931,345)

Net increase (decrease) in cash and cash equivalent during the period

31,575,371

7,569,570

Beginning balance of cash and cash equivalent

22,895,017

34,303,645

Cash and cash equivalent at the end of the period

54,470,388

41,873,215

Cash and cash equivalent comprise:

Cash and balances with central bank

7

31,267,392

24,993,377

Due from banks

8

56,990,499

66,543,158

Treasury bills and other governmental notes

9

27,586,282

25,344,096

Obligatory reserve balance with CBE

7

(22,995,458)

(15,980,212)

Due from banks with maturities more than three months

(10,266,783)

(33,329,274)

Treasury bills with maturity more than three months

(28,111,544)

(25,697,930)

Total cash and cash equivalent

54,470,388

41,873,215

Jun. 30, 2019

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

EGP Thousands

Beginning balance

11,668,326

1,710,293

12,776,215

1,549,445

12,421

(1,860,851)

4,323

9,637,083

738,320

-

36,235,575

-

36,235,575

Capital increase

2,917,082

-

(2,917,082)

-

-

-

-

-

-

-

-

-

-

Transferred to reserves

-

477,736

6,375,589

-

1,045

-

-

(6,854,370)

-

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

(2,700,544)

-

-

(2,700,544)

-

(2,700,544)

Net profit of the period

-

-

-

-

-

-

-

5,354,500

-

-

5,354,500

-

5,354,500

Net unrealised gain/(loss) on financial assets at fair value through OCI

-

-

-

-

-

2,838,861

-

-

-

-

2,838,861

-

2,838,861

Transferred (from) to bank risk reserve

-

-

-

-

-

-

841

(841)

-

-

-

-

-

ECL for impairment of debt instruments investments

-

-

-

-

-

(109,668)

-

-

-

-

(109,668)

-

(109,668)

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

247,998

-

247,998

-

247,998

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

4,182

4,182

-

4,182

Balance at the end of the period

14,585,408

2,188,029

16,234,722

1,549,445

13,466

868,342

5,164

5,435,828

986,318

4,182

41,870,904

-

41,870,904

Jun. 30, 2020

Issued and paid up capital

Legal reserve

General reserve

General risk reserve

Capital reserve

Reserve for financial assets at fair value through OCI

Banking risks reserve

Retained earnings

Reserve for employee stock ownership plan

Cumulative foreign currencies translation differences

Total Shareholders Equity

Minority Interest

Total

EGP Thousands

Beginning balance

14,690,821

2,188,029

16,474,429

1,549,445

13,466

4,111,781

5,164

11,881,657

963,152

2,501

51,880,445

-

51,880,445

Capital increase

-

-

-

-

-

-

-

-

-

-

-

-

-

Transferred to reserves

-

590,106

7,840,286

-

1,440

-

-

(8,431,832)

-

-

-

-

-

Dividend paid

-

-

-

-

-

-

-

(3,370,464)

-

-

(3,370,464)

-

(3,370,464)

Minority Interest share

-

-

-

-

-

-

-

-

-

-

-

453,248

453,248

Net profit of the period

-

-

-

-

-

-

-

4,997,805

-

-

4,997,805

-

4,997,805

Transferred from reserve for financial assets at fair value through OCI

-

-

-

-

-

(55,142)

-

55,142

-

-

-

-

-

Net unrealised gain/(loss) on financial assets at fair value through OCI

-

-

-

-

-

(1,483,581)

-

-

-

-

(1,483,581)

-

(1,483,581)

Transferred (from) to bank risk reserve

-

-

-

-

-

-

1,259

(1,259)

-

-

-

-

-

Release provision for impairment of debt instruments investments

-

-

-

-

-

90,512

-

-

-

-

90,512

-

90,512

Cost of employees stock ownership plan (ESOP)

-

-

-

-

-

-

-

-

296,959

-

296,959

-

296,959

Cumulative foreign currencies translation differences

-

-

-

-

-

-

-

-

-

(854)

(854)

-

(854)

Balance at the end of the period

14,690,821

2,778,135

24,314,715

1,549,445

14,906

2,663,570

6,423

5,131,049

1,260,111

1,647

52,410,822

453,248

52,864,070